UK’s cyber security industry worth £8.3bn according to government report
The UK’s cyber security industry is worth £8.3bn to the economy with the number of firms active in the sector up by 44% in the last two years. According to new analysis from the Department of Culture, Media & Sport, revenues have risen 46 per cent from £5.7 billion in 2017. The findings from the report show:
- The number of active cyber security firms in the UK has increased 44 per cent – up from 846 in 2017 to over 1,200 at year-end 2019. This growth is the equivalent to a new cyber security business being set up in the UK every week
- There are now approximately 43,000 full time employees working in the cyber security sector, up 37 per cent from 2017
- Total revenues within the sector have increased by 46 per cent to an estimated £8.3 billion. On average, revenue per employee reached £193,500 – an increase of 7 per cent since 2017
- 2019 was a record year for the sector with more than £348 million of investment
- Over the last four years (2016-19), total investment identified within the cyber security sector has exceeded £1.1 billion, demonstrating how confidence has grown in the industry.